Trump establishes committee of inquiry to investigate Fed Governor Lisa Cook in latest bid to fire her

President Trump signed a memorandum establishing a “committee of inquiry” to investigate Federal Reserve Governor Lisa Cook over allegations she made false statements in mortgage applications. The three-member panel—led by top economic aide Kevin Hassett—will hold a closed hearing on November 5, 2026, and report whether “cause” exists to remove her. The move follows a June Supreme Court ruling that Trump’s earlier firing of Cook was unconstitutional because she was not given notice and an opportunity to respond. Cook’s lawyers expressed “grave doubts” about the legitimacy of the process but said she welcomes the chance to clear her name. The extraordinary step is the first time a president has tried to oust a sitting Fed governor and comes amid Trump’s broader pressure on the central bank to cut interest rates, reinforcing fears about threats to the Fed’s independence.

“As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law.” Quote verified against source